Real Estate Trends and Forecast Post-Pandemic

When 2020 began, there were a lot of buyers and sellers out there that felt ready and willing to get into the real estate game. Then, when COVID-19 started to spread across the US, real estate was put on hold, leaving a lot of people in confusing and compromising positions. However, as more states reopen and as the medical community gains more information about health and safety measures, real estate deals are back in action. But what does that really mean for buyers and sellers? And where do we see real estate going post-pandemic? What about those investing in Lake Wallenpaupack real estate and lakefront homes? Below you'll find trends and post-pandemic predictions for the real estate market for 2020 and beyond.

Economic Uncertainty

When the pandemic first hit, many economists and real estate professionals initially thought that a housing crash, or at least a steady decline, was inevitable due to the rise in unemployment numbers and sudden economic downfall. However, new data shows a more optimistic picture of what that means for the housing market. Real estate indicators show median home price growth expectations going from .06% in May to 2% in June. Despite this rise, these numbers are still slightly below the numbers from June 2019. Overall, real estate experts believe that there has been a rebound since the initial fall at the beginning of the pandemic.

High Buyer Demand

Right now, due to low interest rates, there's an increase in buyer demand. However, many sellers are still feeling uncertain about listing, most likely because of the inconsistencies with the number of COVID-19 cases. States that are seeing a steady decline in cases may have more sellers getting into the game as the markets regain normalcy. But if the inventory continues to stay low, and the number of buyers continues to rise, there's a good chance we'll see housing prices continue to rise as well.

Post-Pandemic Predictions

Before the pandemic, the real estate market was fairly strong. Of course, after the 2008 housing crisis that brought the market to its knees, real estate professionals were pleased to see a steady recovery a decade later. Then, COVID-19 swept through the country and made many economists fear another crash. As mentioned above, the real estate market has already seen a rebound since the onset of the pandemic in March 2020, but that doesn't necessarily mean that the numbers will continue to move in this direction. When the medical community warned of another rise in cases in the fall, it made some wary about the state of the market. However, right now, the data is still showing a gradual rise in home sales and home prices for the rest of 2020 and beyond.

High Interest in Vacation Homes

Due to social distancing and the wave of a working-from-home economy, people are more and more interested in staying home. And if you're going to spend all your time at home, why not make it a vacation home? That's why lakefront home sales and the Wallenpaupack real estate market has remained so strong. People from all over the state and the country are looking to find that perfect home in which to follow their stay-at-home orders. If you're interested in lakefront real estate, talk to the experts at Davis R. Chant Realtors. We can help you find the perfect lakefront home for you and your family. Give us a call today!